Lists (OL) inside of PRE

I have a code snippet that fails the HTML4 validator at
http://validator.w3.org/ and involves use of a
<ol> list inside of a <pre> block.  The validator
says:

Error: document type does not allow element "OL" here; missing one of "MAP",
      "IFRAME", "BUTTON" start-tag

My reading of HTML4 standard indicates that use of <OL> as a
list within a <PRE> block is acceptable.  Am I misunderstanding
something?  I'm reading the summary at

http://www.w3.org/TR/html401/struct/text.html#h-9.3.4

and from this I'm assuming that only the following entities
are excluded from PRE: IMG|OBJECT|BIG|SMALL|SUB|SUP

The code snippet is available for you to see and test at
http://www.camaros.org/testpre.shtml

Apologies if this has been covered elsewhere, a search of
your list archives didn't show anything obvious.

I'm not subscribed, so please copy replies off-list to
fields@slr.orl.lmco.com

Thanks for any help!  Rich Fields